Drum roll ... George Alexander Louis !

The Duke and Duchess of Cambridge announced Wednesday that they 've named their new bundle of joy .

The tot `` will be known as His Royal Highness Prince George of Cambridge , '' according to Clarence House , the official residence of heirs to the throne .

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Earlier Wednesday , word came that the couple are doing what new parents do : They are enjoying some incredibly sweet moments alone with their baby .

The official statement said William and Catherine are now down to the business of getting `` to know their son . ''

The parents and the perhaps future king left Kensington Palace in London by car around lunchtime , UK media reported . The couple has been mum about their immediate schedules .

British media were feverishly reporting where they might be , with the consensus being that the couple and child went to the village of Bucklebury , where Catherine 's parents live .

Earlier Wednesday , Queen Elizabeth II went to Kensington Palace to see the newborn for the first time . Uncle Harry paid a visit , too , the palace told reporters .

The public got its first look at the child Tuesday evening , outside the Lindo Wing of St. Mary 's Hospital in London .

The prince and his wife said then that they had been `` working on a name . ''

`` So we 'll have that as soon as we can ... , '' William said . `` It 's the first time we 've seen him really , so we 're having a proper chance to catch up . ''

Many bets were placed as the public waited for the announcement . British bookmakers Ladbrokes had George and James as favorites Wednesday , followed by Alexander , Arthur , Louis and Henry .

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William 's name was announced a few days after birth ; his brother Harry 's upon leaving the hospital .

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The baby has a `` good pair of lungs , '' the prince told well-wishers Tuesday evening . `` He 's got her looks , thankfully . ''

They took turns holding little George , wrapped in a cream-colored blanket . The parents waved .

William said he 'd already changed his first diaper .

`` It 's very emotional . It 's such a special time , '' Catherine said .

Third in line

The 8-pound , 6-ounce boy was born Monday afternoon . He 's third in line , behind Charles and William , to the British throne .

As well as ruling the United Kingdom , George Alexander Louis could one day be king of 15 other commonwealth countries that have the British monarch as head of state if none change their constitution in the meantime .

They include Australia , Canada , New Zealand , Belize and Jamaica .

On their way out of the hospital , the couple walked down the same steps where Diana , Princess of Wales , and Prince Charles gave the world its first look at Prince William 31 years ago .

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William placed the teeny royal heir in a car seat in the back of a black sport utility vehicle , then got behind the wheel for the trip to their residence at Kensington Palace .

The grand apartment they will eventually move into within the palace , Apartment 1A , is still being refurbished , so William and Catherine have been living in a small cottage in the grounds .

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The internal renovation work at Kensington Palace is due to be completed in the fall . The duke and duchess ' staff will also move into refurbished offices there , according to Buckingham Palace accounts released last month .

The late Diana moved into Kensington Palace after marrying Prince Charles in 1981 . William and Harry were raised there .

When she died in 1997 , mourners laid flowers and tributes outside the palace gates .

` Absolutely beautiful '

On Tuesday , London reverberated with the sound of cannon fire and peals of bells to mark the birth .

Shortly before the new baby 's departure from St. Mary 's , Prince Charles stopped by for a brief visit with his first grandchild , accompanied by his wife , Camilla , the Duchess of Cornwall . He told reporters it was `` marvelous . ''

And Catherine 's parents , Carole and Michael Middleton , visited earlier . As grandmothers tend to do , she described her grandbaby as `` absolutely beautiful . ''

She and her husband were `` so thrilled '' about being grandparents .

`` It was so exciting . It was fantastic , '' said Eliza Wells , one of the well-wishers gathered outside the hospital . `` The crowd erupted , because everyone 's been waiting so long for it . ''

William and Catherine `` both seemed very relaxed , even with the press there and the crowd , '' Wells said . `` They just seemed like a normal couple . ''

A normal life ?

Royal commentators said the Duke and Duchess of Cambridge will try to give their son as regular an upbringing as possible .

But the intense media interest in the birth of the new prince highlights the challenge his parents face in trying to protect his privacy and maintain a degree of normalcy .

`` This baby has two things stopping it from being normal , '' historian Kate Williams said . `` No. 1 , it lives in a life of incredible wealth and privilege . ... No. 2 , it is an incredible celebrity , and we 've seen this with the coverage . ''

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But Prince William loved that his mother tried to give him as normal a childhood as possible , including trips to the cinema and an amusement park , and sending him to a local private school as a boy . `` And that 's what he wants for little baby Cambridge , '' Williams offered .

Although the excitement over his birth is not universal , there 's no doubting the level of global interest in the prince .

On Monday , there were more than 19 million Facebook interactions related to the royal baby , according to the site .

His birth also took Twitter by storm .

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The baby , third in line to the British throne , is Prince George of Cambridge

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The Duke and Duchess are spending private time with their newborn

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Prince Harry and Queen Elizabeth II visit Kensington Palace to meet the baby

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Catherine says , `` It 's such a special time , '' while William says , `` He 's got her looks , thankfully ''